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President Barack Obama will deliver remarks Tuesday morning urging action to avoid the automatic across-the-board budget cuts called the sequester, a White House official said.

The cuts are scheduled to hit Friday, March 1 "if Congress fails to find a path forward on a balanced deficit reduction," the official said in a statement. The reductions could spur the loss of thousands of jobs.

The president will urge Republicans to compromise on a balanced solution. He is scheduled to speak at 10:45 a.m. in the South Court Auditorium at the White House.